As the inaugural Africa Climate Summit concludes today, please see reactions below from E3G’s team of experts following developments in financial reform, energy and climate diplomacy on the ground in Nairobi, Kenya.
Quotes
Alex Scott, E3G Programme Lead for Climate Diplomacy and Geopolitics, said:
“The Africa Climate Summit has asserted new leadership on global climate action from the continent most vulnerable to its impacts. Kenya has shepherded a declaration by African leaders with clear calls for accelerated climate action, mobilising a massive scale of investment in green transition and adaptation in Africa, and reforming the finance system for fairer financing and debt management.
President Ruto set clear sights on the G20 meeting this weekend, UN summits later in September, the IMF and World Bank Annual Meetings in October and COP28 in December to put the declaration into action. While some new financing commitments were made, the small numbers from the likes of the EU, US and UK stood in stark contrast to a 4.5bn pot of renewable energy investment funds organized by the UAE.”
Dileimy Orozco, E3G Senior Policy Advisor, said:
“African leaders are proposing not only solutions for Africa but for the world, particularly when it comes to rebooting the financial system. Debt, and the cost of capital, are blocking the continent from making its vision a reality. African leaders are making a global call to create a financial system that supports countries in building more equal, resilient and prosperous societies.”
Franklin Steves, E3G Senior Policy Advisor, said:
“Reforming the international financial architecture is key to providing the quantity and quality of finance needed to support Africa’s green transition. Leaders from across the continent stressed the urgent need for deep-seated institutional reforms, including to the governance of multilateral development banks, that reflect the current global economic system. Changing how MDBs assess climate risk and support climate adaptation was at the top of African leaders’ list of priorities.”
Sasha Kinney, E3G Senior Associate for Africa, based in Nairobi, said:
“In the Nairobi Declaration, African countries set a high collective standard of reaching 300 GW in renewable energy by 2030, while emphasising the tenfold increase in investment needed to achieve this goal.
It called on the international community to provide this support, noting that only 2% of renewable energy investments flow to Africa, and years of prior climate finance pledges have failed to materialise, despite the significant energy needs and devastating climate impacts facing communities across the continent.
As community and climate leaders noted throughout the summit, the continent requires a profound transformation — away from fossil fuels and towards clean, affordable energy access, with attention to the potential ramifications of strategic mineral sourcing.”
Available for comment on the Africa Climate Summit outcomes
Alex Scott, E3G Programme Lead (EN). Climate diplomacy, climate finance, adaptation finance, road to COP28.
alex.scott@e3g.org | +44 7482 750760
Charra Tesfaye Terfassa, E3G Senior Associate (EN). Climate diplomacy, UNFCCC, geopolitical context.
charra.tesfaye@e3g.org | +44 7901 350074
Franklin Steves, E3G Senior Policy Advisor (EN, FR, ES, RU). Global financial reform, debt burdens, Bridgetown Initiative, climate finance.
franklin.steves@e3g.org | +44 7484 815 434
Dileimy Orozco, E3G Senior Policy Advisor (EN, SP). Development banks and private finance, green recovery, IFA reforms.
dileimy.orozco@e3g.org | +44 7876 301 615
Sasha Kinney, E3G Senior Associate (EN). Africa’s energy transition, fossil fuel phase out, coal.
Sasha.kinney@e3g.org | +254706480190
Ronan Palmer, E3G Associate Director, Clean Economy (EN). Financing the clean economy, Bridgetown Initiative, debt, fiscal space, public banks, international development.
ronan.palmer@e3g.org | +353 89 491 7948
Notes to editors
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